Instimatch Teams up With FQX to Roll Out eNotesTM for Its Institutional Client Base
by Fintechnews Switzerland June 25, 2021Instimatch Global, a Swiss digital platform for institutional short-term money market trading, is partnering with Swiss Fintech FQX to augment its core offering by introducing eNotesTM, a disruptive short-term financing and payment tool.
The company currently offers trading of unsecured cash deposits within a large network of banks, corporates, asset managers, insurance companies, public sector counterparties and others.
Leveraging FQX’s technology will enable Instimatch to offer the use of eNotesTM, a form of electronic promissory notes verified and secured by Swisscom and SwissPost on the banking-grade blockchain, Swiss Trust Chain.
An eNoteTMis an unconditional promise to pay a specific sum to another party at a specific future date or at a specified time after sight.
The eNotesTM can be flexibly sold and transferred to third parties.
Hugh Macmillen, Founder of Instimatch Global, said
“Our partnership with FQX enables us to empower banks to digitize their certificate of deposit programs using FQX’s eNotesTM, a revolutionary money market solution.
Institutional Investors trading these electronic certificates of deposit (eCDs) would experience fully digitised deposit transactions, digitally signed and immutably stored on the Swisscom Blockchain infrastructure. The enforcement regime applicable to eNotesTM is recognized in over 165 countries”.
Stephan D. Meyer
Stephan D. Meyer Co-CEO of FQX said,
“The partnership between Instimatch Global and FQX forms the perfect synergy by combining Instimatch Global’s client network and superb digital-only user experience with the strengths of the blockchain-based, easily enforceable and tradeable eNoteTM.
This significantly improves the way money market transactions are done”.
